Alphamin's Q2 Financials and Enhanced Exploration Plans
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Alphamin Files Q2 Financial Statements and Exploration Update
Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX) announced today the filing of its unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended 30 June 2024 on SEDAR+. This update includes an exploration initiative and the timing of dividends.
Exploration Update
Following the completion of the Bisie mine expansion, Alphamin intends to commence ongoing exploration drilling from the fourth quarter of 2024. The exploration objectives are clear:
Objectives of the Exploration Initiative
- Increase the Mpama North and Mpama South resource base and extend the life of the mine.
- Discover the next tin deposit near the Bisie mine.
- Conduct ongoing grassroots exploration to identify remote tin deposits.
Initial drilling is planned at Mpama North from an underground exploration drive, positioned 250 meters below the first mining level and extending 200 meters beyond the northern extremity of the orebody. The development of this drive is nearing completion, with drilling set to commence in early Q4 2024. Exploration holes are designed to be drilled in multiple directions, both on strike and at depth. Additional underground exploration drives are envisioned from level 20, extending beyond the southern end of the Mpama North orebody.
Moreover, surface drilling is scheduled to begin in Q4 2024 at Mpama South and between Mpama North and Mpama South, targeting extensions at depth and further south on strike. These initiatives aim to not only increase the life of the mine but also to uncover additional tin deposits nearby. In addition, an external review of all exploration data available so far is expected to guide incremental drilling endeavors in the year following 2025.
Timing of Semi-Annual Dividends
In line with previous periods, Alphamin’s Board plans to consider the declaration of semi-annual dividends, specifically a final dividend and an interim dividend in April and early October of each year. These dividend declarations are intended to coincide with the timing of meetings held by Alphamin Bisie Mining SA (ABM), the Company's 84.14% DRC operating subsidiary. During these meetings, ABM's financial statements will be reviewed, and the declaration of dividends for distribution to ABM’s shareholders will be considered.
Qualified Person Statement
Mr. Jeremy Witley, Pr. Sci. Nat., BSc. (Hons) Mining Geology, MSc (Eng), serves as the Qualified Person (QP) as defined in National Instrument 43-101. He has reviewed and approved the scientific and technical information presented in this news release. He holds the position of Head of Mineral Resources at the MSA Group (Pty) Ltd and acts as an independent technical consultant to Alphamin Resources Corp.
Contact Information
For more information, please contact:
Maritz Smith
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: msmith@alphaminresources.com
Frequently Asked Questions
What financial results did Alphamin release for Q2?
Alphamin disclosed its unaudited consolidated financial statements and Management’s Discussion and Analysis for Q2 2024, detailing its performance and key metrics.
What are Alphamin's exploration objectives moving forward?
The objectives include increasing the resource base at Mpama North and Mpama South, discovering new tin deposits, and conducting grassroots exploration.
When does Alphamin plan to initiate new drilling activities?
Initial drilling is expected to commence in early Q4 2024, focusing on the Mpama North area and other strategically important locations.
What is the timing for the semi-annual dividends from Alphamin?
Alphamin plans to declare semi-annual dividends in April and early October of each year, aligning with its subsidiary's financial meetings.
Who is the qualified person responsible for the technical data presented?
Mr. Jeremy Witley is the qualified person overseeing the scientific and technical information disclosed and has extensive experience in mining geology.
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